Brian Shore, Park's Chairman and CEO, said, "We know John well from his prior tour of duty with Park. John is an experienced and serious businessman with a track record of getting things done. As our new SVP of Project Management, John will drive through to completion important projects and opportunities for Park. At Park, we are not opportunity limited, we are resource and bandwidth limited. John will help us bridge the resource and bandwidth gap. John will be "one of us" from Day One. Welcome back, John." ...

NEWTON, Kan., July 30, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) announced the election of John Jamieson to the position of Senior Vice President of Project Management of the Company. John will report to Mark Esquivel, the President and Chief Operating Officer of Park Aerospace Corp. Park Aerospace Corp. develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park's advanced composite materials include ...

Financial Performance - The Company's total net sales for the 13 weeks ended June 2, 2024, were $14.0 million, a decrease of 10.3% from $15.6 million for the same period in 2023, primarily due to production and shipping disruptions caused by storm damage [10]. - The Company reported net earnings of $993,000 for the 13 weeks ended June 2, 2024, compared to $1.854 million for the same period in 2023 [40]. - Total comprehensive earnings for the 13 weeks ended June 2, 2024, were $1.216 million, down from $2.570 million in the same period in 2023 [40]. - Net earnings for the 13 weeks ended June 2, 2024, were $993,000, a decrease from $1,854,000 for the same period in 2023, representing a decline of approximately 46.4% [42]. - Earnings from operations before income taxes decreased by 46.1% to $1.37 million compared to $2.54 million for the same period last year [100]. - Net earnings fell by 46.4% to $993,000, down from $1.85 million in the previous year [100]. - The Company incurred a storm damage charge of $1.05 million during the 13 weeks ended June 2, 2024 [100]. - Gross profit for the 13 weeks ended June 2, 2024, was $4,099,000, compared to $4,833,000 in the same period last year, reflecting a gross margin decrease [65]. - Gross profit margin decreased to 29.3% from 31.1% year-over-year, primarily due to lower sales volume and higher costs for raw materials and labor [101]. Cash Flow and Dividends - Cash dividends paid in the 13-week period ended June 2, 2024, amounted to $2.5 million, a significant decrease from $23.0 million in the same period in 2023 [12]. - The company reported a net cash used in operating activities of $423,000 for the 13 weeks ended June 2, 2024, compared to a net cash provided of $117,000 in the prior year [42]. - The company experienced a negative operating cash flow of $423,000 during the 13 weeks ended June 2, 2024, compared to a positive cash flow of $117,000 in the same period last year [164]. - The company reported a decrease in cash flows from financing activities, totaling $2,532,000 for the period, compared to $24,699,000 in the previous year [42]. Assets and Liabilities - Total assets as of June 2, 2024, were $129.428 million, down from $132.309 million as of March 3, 2024 [25]. - Total liabilities decreased to $17.741 million as of June 2, 2024, compared to $19.395 million as of March 3, 2024 [25]. - The Company’s cash and cash equivalents decreased to $4.081 million as of June 2, 2024, from $6.567 million as of March 3, 2024 [25]. - Accounts receivable decreased to $11.386 million as of June 2, 2024, from $12.381 million as of March 3, 2024 [25]. - The balance of accumulated deficit increased to $46,913,000 as of June 2, 2024, up from $42,694,000 as of February 26, 2023 [41]. - The company’s inventories increased to $8.312 million as of June 2, 2024, compared to $6.404 million as of March 3, 2024 [25]. - The Company’s current ratio improved to 12.3 to 1.0 at June 2, 2024, compared to 10.2 to 1.0 at March 3, 2024 [163]. Operational Disruptions - The Company expected an additional $1.8 million in sales that did not ship due to operational disruptions from the storm [10]. - The company incurred a non-cash storm damage charge of $887,000 during the period, impacting overall earnings [42]. - The Company recorded a storm damage charge of $1,052,000 due to damage from a storm on May 19, 2024 [87]. - The Company expects to recover all costs and damages incurred from the storm in excess of a $2.5 million deductible under its insurance policy [117]. - The Company expects to recover all costs and damages related to wind damage in excess of a $2.5 million deductible under its insurance policy [133]. - The Company anticipates that $1.8 million of sales delayed due to storm-related issues will be delivered in the second quarter ending September 1, 2024 [132]. - The company is subject to risks from severe weather events that may disrupt operations [183]. Shareholder Information - The company reported a total of 1,278,901 shares purchased under the share purchase authorization announced on May 23, 2022 [184]. - The company is authorized to purchase its shares from time to time on the open market or in privately negotiated transactions [174]. Compliance and Controls - The principal executive officer and principal financial officer have certified compliance with the Sarbanes-Oxley Act of 2002 [190]. - The company has implemented disclosure controls and procedures to manage market risk [170]. - There were no significant changes in internal control over financial reporting noted in the latest filings [171]. Other Information - The company has not disclosed any new strategies or market expansions in the recent reports [182]. - The company has not reported any new product developments or technological advancements in the latest filings [182]. - The future compensation expense to be recognized for options outstanding at June 2, 2024, is $578,000, expected to be recognized over a weighted average vesting period of 1.24 years [57]. - Selling, general and administrative expenses decreased by 22.9% to $2.02 million from $2.62 million in the prior year [100]. - Selling, general and administrative expenses were 14.4% of sales for the 13 weeks ended June 2, 2024, down from 16.8% in the prior year, mainly due to reduced activist shareholder defense costs [130]. - Interest and other income increased by 4.6% to $339,000 compared to $324,000 in the previous year [107]. - The effective tax rate for the 13 weeks ended June 2, 2024, was 27.5%, slightly higher than the 27.1% in the prior year [113]. - Potentially dilutive securities not included in the diluted earnings per share calculation were 0 for the 13 weeks ended June 2, 2024, compared to 157,000 for the same period in 2023 [83]. - The company has a long-term contract with a significant customer, which does not guarantee quantities but is based on an order forecast updated periodically [99].

Park Aerospace Corp. (NYSE:PKE) Q1 2025 Earnings Conference Call July 16, 2024 5:00 PM ET Company Participants Brian Shore - Chairman and Chief Executive Officer Operator Hello. Good afternoon. My name is Alicia and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace First Quarter Fiscal Year 2025 Earnings Release Conference Call and Investor Presentation. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, ...

Financial Performance - Net sales for the 2025 fiscal year first quarter were $13,970,000, a decrease from $15,551,000 in the 2024 fiscal year first quarter and $16,333,000 in the 2024 fiscal year fourth quarter[4] - Net earnings for the 2025 fiscal year first quarter were $993,000, compared to $1,854,000 in the 2024 fiscal year first quarter and $2,670,000 in the 2024 fiscal year fourth quarter[4] - Adjusted EBITDA for the 2025 fiscal year first quarter was $2,610,000, down from $3,311,000 in the 2024 fiscal year first quarter and $3,201,000 in the 2024 fiscal year fourth quarter[5] - Basic earnings per share for the 2025 fiscal year first quarter were $0.05, down from $0.09 in the 2024 fiscal year first quarter and $0.13 in the 2024 fiscal year fourth quarter[2] - Adjusted EBITDA for Q1 2025 was $2.61 million, compared to $3.31 million in Q1 2024 and $3.20 million in Q4 2024[19] - Basic and diluted earnings per share for Q1 2025 were $0.05, compared to $0.09 in Q1 2024 and $0.13 in Q4 2024[20] - Net sales for Q1 2025 were $13.97 million, a decrease from $15.55 million in Q1 2024 and $16.33 million in Q4 2024[22] - Gross profit for Q1 2025 was $4.10 million, representing 29.3% of net sales, compared to 31.1% in Q1 2024 and 27.3% in Q4 2024[22] - Earnings from operations for Q1 2025 were $2.08 million, compared to $2.22 million in Q1 2024 and $2.57 million in Q4 2024[22] - Net earnings for Q1 2025 were $993,000, or 7.1% of net sales, compared to $1.85 million (11.9%) in Q1 2024 and $2.67 million (16.3%) in Q4 2024[22] Expenses and Charges - The company recorded a $1,052,000 pre-tax charge related to storm damage to its facilities in Newton, Kansas during the 2025 fiscal year[10] - In the 2024 fiscal year first quarter, the company recorded $570,000 of pre-tax activist shareholder defense costs and $109,000 for stock option modifications[10] - Selling, General & Administrative Expenses for Q1 2025 were $2.02 million, or 14.4% of net sales, compared to 16.8% in Q1 2024 and 11.5% in Q4 2024[22] - The company incurred a storm damage charge of $1.05 million in Q1 2025, which impacted earnings from operations[22] Tax and Interest - The company recognized a tax benefit of $657,000 in the 2024 fiscal year fourth quarter due to reductions in uncertain tax positions[10] - Interest income for Q1 2025 was $339,000, slightly higher than $324,000 in Q1 2024 and $329,000 in Q4 2024[22] - Income tax provision for Q1 2025 was $376,000, compared to $688,000 in Q1 2024 and $230,000 in Q4 2024[22] Balance Sheet - Total current assets as of June 2, 2024, were $97,296,000, slightly down from $98,845,000 as of March 3, 2024[7] - Total liabilities as of June 2, 2024, were $17,741,000, a decrease from $19,395,000 as of March 3, 2024[7] - Shareholders' equity as of June 2, 2024, was $111,687,000, compared to $112,914,000 as of March 3, 2024[7]

Core Viewpoint - Park Aerospace Corp. reported a decline in net sales and earnings for the first quarter of the 2025 fiscal year compared to the previous year, impacted by various special charges and operational challenges [1][4][17]. Financial Performance - Net sales for the first quarter of the 2025 fiscal year were $13,970,000, down from $15,551,000 in the first quarter of 2024 and $16,333,000 in the fourth quarter of 2024 [1][20]. - Net earnings for the first quarter of 2025 were $993,000, compared to $1,854,000 in the first quarter of 2024 and $2,670,000 in the fourth quarter of 2024 [1][16]. - Adjusted EBITDA for the first quarter of 2025 was $2,610,000, a decrease from $3,311,000 in the first quarter of 2024 and $3,201,000 in the fourth quarter of 2024 [5][19]. Special Charges and Adjustments - The company recorded a pre-tax charge of $1,052,000 related to storm damage during the first quarter of 2025 [2][10]. - In the first quarter of 2024, the company had pre-tax activist shareholder defense costs of $570,000 and other special charges totaling $184,000 [2][19]. - Net earnings before special items for the first quarter of 2025 were $1,781,000, down from $2,407,000 in the first quarter of 2024 [16][19]. Earnings Per Share - Basic and diluted earnings per share for the first quarter of 2025 were $0.05, compared to $0.09 in the first quarter of 2024 and $0.13 in the fourth quarter of 2024 [17][19]. - Basic and diluted earnings per share before special items were $0.09 for the first quarter of 2025, down from $0.12 in the first quarter of 2024 [17][19]. Operational Insights - The company develops and manufactures advanced composite materials for the aerospace industry, including film adhesives and lightning strike protection materials [8]. - Park Aerospace's products are utilized in various aircraft types, including military and civilian aircraft, as well as in rocket motors and nozzles [8].

Park reported net sales of $13,970,000 for the 2025 fiscal year first quarter ended June 2, 2024 compared to $15,551,000 for the 2024 fiscal year first quarter ended May 28, 2023 and $16,333,000 for the 2024 fiscal year fourth quarter ended March 3, 2024. Net earnings for the 2025 fiscal year first quarter were $993,000 compared to $1,854,000 for the 2024 fiscal year first quarter and $2,670,000 for the 2024 fiscal year fourth quarter. Park reported basic and diluted earnings per share of $0.05 for the 2025 ...

For those unable to listen to the call live, a conference call replay will be available from approximately 8:00 p.m. EDT on Tuesday, July 16, 2024 through approximately 11:59 p.m. EDT on Tuesday, July 23, 2024. The conference call replay can be accessed by dialing (844) 512-2921 in the United States and Canada and (412) 317-6671 in other countries and entering passcode 13747817 and will be available at https://edge.mediaserver.com/mmc/p/f7gkgg8i. NEWTON, Kan., July 12, 2024 (GLOBE NEWSWIRE) -- Park Aerospac ...

Company Overview - Park Aerospace Corp. develops and manufactures advanced composite materials for the global aerospace markets, including film adhesives and lightning strike protection materials [5] - The company's products are utilized in various applications such as jet engines, transport aircraft, military aircraft, UAVs, business jets, and rocket motors [5] - Park Aerospace aims to tackle projects that are considered too difficult or small by others in the industry [5] Financial Results Announcement - Park Aerospace plans to release its financial results for the first quarter of the 2025 fiscal year, which ended on June 2, 2024, after the NYSE closes on July 16, 2024 [1] - A conference call to discuss these results will take place at 5:00 p.m. EDT on the same day, with a dial-in number provided for participants [1] Conference Call Details - A live audio webcast and presentation materials will be available on the company's website at the time of the conference call [2] - For those unable to attend live, a replay of the conference call will be accessible from 8:00 p.m. EDT on July 16, 2024, until 11:59 p.m. EDT on July 23, 2024 [3] - Additional financial or statistical data disclosed during the call will also be available on the company's website [4]

Core Viewpoint - Park Aerospace has transitioned from outperforming the market to underperforming, primarily due to margin erosion and excess capacity issues, which have not been effectively addressed in their communications [1][2][14]. Financial Performance - For FY2023, Park Aerospace reported sales of $54.055 million, a slight increase from $53.578 million in FY2022, but adjusted EBITDA fell to $10.99 million, below the targeted range of $11 million to $11.8 million [3][15]. - The gross profit for FY2023 was $16.534 million, with a gross margin of 29.5%, down from 30.5% in FY2022 [3]. - The company experienced a significant impact from international freight disruptions, resulting in $0.565 million in missed sales during the quarter [3][10]. Market Dynamics - Park Aerospace's reliance on GE programs has made it vulnerable to production ramp-up challenges, particularly with the Airbus A320neo family, which has seen a cut in full-year delivery guidance [16]. - The company has revised its sales expectations downward for both GE and non-GE programs, with total revenues expected to decrease by 5% [5][12]. Operational Challenges - The company is facing inflated costs, including a 25% increase in SG&A expenses due to various factors such as activist shareholder defense costs and higher recruiting fees [10]. - There is a concern regarding the company's ability to utilize its excess capacity effectively, which could lead to increased labor and capacity costs without corresponding revenue [16][18]. Future Outlook - Despite current challenges, the long-term prospects for Park Aerospace remain positive, contingent on easing headwinds and improved production rates [18]. - The company has a net cash position that could support future growth, but clearer indications of overcoming existing challenges are needed to enhance its appeal [18].